Chinese coffee chain Luckin Coffee announced the signing of a strategic cooperation framework agreement with Americana Group, the largest food manufacturing and sales company in the Middle East, and the two parties plan to establish a joint venture to implement coffee new retail business in the Middle East and India.
The two parties said that the Middle East and India region has a extensive market and development prospects. With the cooperation, Luckin Coffee will enter the overseas market with its advanced technologies and business model and work together with Americana Group to promote the rapid rise of new retail industry in the Middle East and India. They will bring a revolutionary change to the local food and beverage retail industry and offer better products, experience and services to consumers.
Americana Group was founded in Kuwait in 1964. Its businesses include food manufacturing, distribution and restaurant operation. In the 1960s, the group introduced the idea of fast service restaurant into the market. At present, it has 1,900 restaurants and 25 food manufacturing bases in 13 countries, including United Arab Emirates, Saudi Arabia, Kuwait and Egypt.
Headquartered in Xiamen, Luckin Coffee was listed on Nasdaq on May 17, 2019. By July 16, 2019, the coffee chain has entered 40 cities in China with more than 3,000 stores. The company aims to have over 4,500 stores by the end of 2019 to become the largest coffee chain brand in China and it plans to have 10,000 stores before the end of 2021.